PIRUZ SARGSYAN: FINANCIAL OMBUDSMAN’S INSTITUTE STRENGTHENS ITS POSITIONS

PanARMENIAN.Net
April 8, 2010 – 13:28 AMT 08:28 GMT

The institute of Financial Ombudsman of Armenia has managed to
strengthen its positions during the first year of its activity and
its further steps will be aimed at its development, according to
Financial Ombudsman Piruz Sargsyan.

"The conference aimed at strengthening public confidence and increasing
financial intermediation through the Institute of Financial Ombudsman
will provide Armenia’s financial organizations with the opportunity
to compare the young Armenian institute with leading world institutes
of financial ombudsmen," she said.

Ms. Sargsyan also noted that all their further steps will be aimed
at increasing consumers’ awareness, so that they obtain knowledge of
their financial rights and of the acyivity of the Financial Ombudsman’s
institute, which is always able to protect their rights and interests
at a proper level.

"We will resume our visits to regions of Armenia soon. In 2009, we
were in four northern regions of the country, while this year we are
going to visit the southern regions to conduct large-scale seminars
and meetings both with representatives of financial structures and
with consumers," she said.

Summarizing the results of the first year activity of the Financial
Ombudsman’s office, she noted that basically complaints were
addressed to the banking system, followed by complaints against
insurance companies with respect to property and life insurance,
while credit organizations and pawnshops are on the third place by
the number of complaints.

"Last year 400 complaints were received, out of which 57 were
considered and 61% of them at the amount of AMD 26mln were solved in
favor of consumers," Ms. Sargsyan said.